An auditor is reconciling the amounts included in the long-term debt footnotes to the information examined and supported in the audit files for long-term debt. Which audit objective is being satisfied?
A) accuracy and valuation
B) occurrence and rights and obligations
C) completeness
D) classification and understandability

Question

Quizplus · Accepted Answer

This process ensures that the amounts reported for long-term debt are accurate and properly valued, aligning with the accuracy and valuation audit objective. It involves verifying that the figures presented in the financial statements are correct and supported by adequate documentation.

An Auditor Is Reconciling the Amounts Included in the Long-Term